Grand Rapids, MI is a vibrant city with a booming economy. It is home to many big-name companies such as Amway, Steelcase, Meijer, and Herman Miller. The housing market in Grand Rapids is robust; 2 bedroom rent averages at $1,230 compared to the US average of $1,430. The cost of groceries in Grand Rapids is also lower than the national average; it has an index score of 95 versus 100 nationwide. All in all, Grand Rapids offers an affordable standard of living for its residents while providing access to top employers.
Grand Rapids has an unemployment rate of 6.3%. The US average is 6.0%.
Grand Rapids has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 35.8%, which is higher than the US average of 33.5%.
Tax Rates for Grand Rapids
- The Sales Tax Rate for Grand Rapids is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Grand Rapids is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Grand Rapids
- The average income of a Grand Rapids resident is $20,542 a year. The US average is $28,555 a year.
- The Median household income of a Grand Rapids resident is $55,385 a year. The US average is $69,021 a year.